System for real time continuous data processing for investment portfolios

ABSTRACT

A real time continuous data inputting, processing, scanning and displaying system for financial data and inputting variable boundaries of data for a variety of desired data characteristics. The process displays when the data characteristics fall outside their respective variable boundaries. Real time financial markets data and conventional data inputs are input into the system which is comprised of conventional and new computer processor enabled processes, clusters of central processing units, a report writer, terminal device, data disk, and interface. The data disks and real time financial market data and conventional data inputs and outputs are continuously referenced during the scanning process for exceptions to the boundaries of desired data characteristics.

CROSS-REFERENCE TO RELATED APPLICATION

This application is entitled to the benefit of Provisional PatentApplication Ser. No. 60/218,450, filed Jul. 14, 2000.

BACKGROUND-FIELD OF INVENTION

This invention relates to real time continuous data processing forinvestment portfolios and continuously displaying data and exceptions topredetermined portfolio guidelines

BACKGROUND-DESCRIPTION OF PRIOR ART

Financial services companies, investors and their suppliers commonly usea process that is manually initiated to periodically analyze and monitorcharacteristics of portfolios on a post performance, ad hoc basis withprimarily arbitrary outcomes. In addition, measuring consists primarilyof investment performance and risk calculations while additionalinformation, vital to assessing trends in portfolio additions anddeletions and their impact on the portfolio, are not considered.Portfolio analyses are conducted and reviewed on a random basis,manually initiated, generally monthly or quarterly, well after the factand not while the portfolio is being built and managed.

Given this, investment managers, be they self directed, outsourced orprovided internally by a company, basically “work in the dark” withinvestors not being aware of errors and mistakes until long after thefact and too late to take action. Further, continuous awareness andanalysis of impact of fluctuations in world financial markets are notenjoyed by practitioners.

The current methodology presents still further problems for investorsand investment managers alike. These problems include poor quality andreliability of results of portfolio and account analyses, lack of timelynotification when investors get off track in meeting investment goals,when and how portfolio characteristics are changing against boundaries,when an investment manager deviates from their decision making model orinvestment philosophy, when to replace a manager or make changes in theportfolio composition before it is too late and minimize losses, andwhen and how to fine-tune the portfolio or investment process or both.

SUMMARY

This invention relates to computer processor enabled system forcontinuous real time data receiving, processing, analyzing, counting andscanning of the results of analyses and characteristics of investmentportfolios, investment accounts, and securities, against predetermineddata boundaries and displaying when exceptions to the boundaries occur.

OBJECTS AND ADVANTAGES

Accordingly, several objects and advantages of my system are that theyautomate portfolio analysis to continuous providing for consistent, highquality and most reliable outcomes and results. The system to use moreinformation more often and therefore output vital information to assesstrends in the impact of portfolio additions and subtractions and priceactivities or fluctuations in world financial markets, or both, on theportfolio.

The system to provide for processing data automatically and continuouslyas the portfolio is being managed and displaying when an exceptionoccurs in the portfolio, against predetermined boundaries. This toprovide for immediate realization of mistakes or errors made byportfolio managers, allowing investors to be the first to know when theyget off track in meeting financial goals and objectives or when amanager deviates from their decision making process or investmentphilosophy.

My system to provide for when and how to make changes in the portfolioand fine-tune the process before it is too late to minimize losses andminimizing overall investment mistakes against predetermined boundaries.

Other objects and advantages are to provide for more efficient andeffective economical business and operating models by those that build,maintain and monitor portfolios or retain or replace third partymanagers, or any combination; to benefit a very large market consistingof investors worldwide; to satisfy a tremendous psychological andeconomic need of all investors to be in the know immediately when theirportfolio falls outside of predetermined; to provide for labor, time andcost savings of the users; to provide for a more convenient and easierto use system for portfolio and continuous scanning and displaying; andto provide for automation of a manual process.

Additional objects and advantages of the system is the ability toprovide for acceleration of process to continuous; to provide forreliability, precision, attentiveness and thoroughness in the investmentmanagement process; to provide for minimization of errors in investmentmanagement; to provide for compatibility with existing data sources andanalytical tools; to provide for no inertia to be overcome for use; toprovide for ease of promotion and grasp of benefit; to provide for usein an existing market benefiting mankind; to provide an enhancement tothe trust between investors and portfolio managers; to provide for theacceleration of the rebalancing decision; and to provide foracceleration of the reallocation decision.

Still, further objects and advantages are to provide for acceleration ofshort fall risk (ahead or behind in goals); to provide for leveraginggood investment decisions if within boundaries; to provide for relief ofthe arduous and daunting task of monitoring and analyzing investmentportfolios; to provide for more cost effective distribution forinvestment managers; to provide for ongoing validity of the compositionand structure of a client's total portfolio; to provide for more andmore timely and high quality communications between investors andmanagers; to provide for determination if investment policy is realisticagainst actual performance over the long term; to provide for objective,consistently applied approach to manager and evaluation; to provide fortracking error minimization; to provide for better tax efficiency; toprovide for motivation to managers to think profoundly about portfolioreturn on an investor basis; to provide for higher probability ofachieving desired returns, goals and objectives; to provide forimmediate awareness of changes in decision making process and investmentphilosophy.

Finally, still further objects and advantages of my invention willbecome apparent from a consideration of the drawings and ensuingdescription.

DESCRIPTION OF DRAWINGS

In the drawings, closely related Figs have the same number but differentalphabetic suffixes.

FIGS. 1A to 1D shows various components of the system.

FIG. 2 shows the revolving cycle of data and information flow.

FIG. 3 shows the flowchart of the process for inputting, identifying,counting, and displaying exceptions to predetermined data boundaries(i.e. the exceptions process).

FIG. 4 shows the system for investment portfolios and is manual.

FIG. 5 shows the system for investment portfolios, is manual andincludes an interface.

FIG. 6 shows the system for investment portfolios, is manual andincludes an interface and World Wide Web.

FIG. 7 shows the system for investment portfolios, is manual andincludes the World Wide Web.

FIG. 8 shows the real time continuous system which is applied to anydata input.

FIG. 9 shows the real time continuous system which is applied to anydata input and includes an interface.

FIG. 10 shows the real time continuous system which is applied to anydata input and includes the World Wide Web.

FIG. 11 shows the real time continuous system which is applied to anydata input and includes an interface and World Wide Web.

FIG. 12 shows the real time continuous system which is designed forinvestment portfolios and includes an interface.

LIST OF REFERENCE NUMERALS

-   14 continuous data inputs-   16 interface-   18 Central Processing Unit-   20 data disk-   22 pricing and security attribute inputs-   24 process that controls and directs the apparatus for processing-   26 exceptions reporting via the World Wide Web-   28 process to access data on data disk-   30 World Wide Web-   32 process for computerized apparatus to store process results-   34 report writer-   36 device to continuously display exceptions results-   38 World Wide Web application server-   40 security firewall for the website-   42 conventional portfolio accounting process-   44 reporting process-   46 conventional performance attribution process-   48 conventional risk analysis process-   50 continuous scanning for Exceptions and displaying exceptions    process in C++-   52 batch import process

DESCRIPTION FIGS. 1A-1D, 3 Preferred Embodiment of My System

A preferred embodiment is illustrated in FIGS. 1A-1D, 3. The system hascontinuous data inputs 14 from multiple sources. These sources includeinvestment managers, custodians of securities, transfer agents, realtime financial markets data, and vendors of data, or any combination.These inputs consist of desired data characteristics of the portfolio,boundaries for each of the desired data characteristics of theportfolio, security data, portfolio data, trade data, position data,quantity data, account data, all validated and reconciled, and areconnected to an apparatus for continuous processing via interfaceprocess 16 via a transmission of data in a batch import process 52.

Interface 16 provides automated data retrieval, validation, and correctand timely import format into conventional portfolio accounting process42. Interface 16 consists of code logic, test logic, inputs datarepository, processing logic, and data destination fields. A pricing andfinancial markets and securities data input 22 is used to continuouslyupdate prices and data to the system and is connected to transmit data.The portfolio accounting process 42 continuously process additions anddeletions and price changes, and calculates investment performance data.

Multiple dedicated central processing units 18 with enough data disk 20and enough memory and processing capacity and capability are used toenable the continuous process. These processes include a process forcontrolling and directing the units for processing 24, a method toaccess data 28 on disk 20, and a continuous reporting process 44 whichconfigures the data output for reporting purposes. Further, additionalprocesses include a conventional performance attribution process 46which continuously processes data and calculates the sources ofperformance from asset allocation, security selection, market timing,and interaction among these and enabled by unit 18, a conventional riskanalysis process 48 for continuously processing data and calculatingrisk and enabled by unit 18, and a “rules” or exceptions process 50 forprocessing and scanning characteristics of the portfolio, and displayingexceptions to predetermined data boundaries and enabled by unit 18.

A storing process 32 is used for units 18 to store this output. Thisoutput is received by the data disk 20 and displayed by device fordisplay 36. Data 26 is the resulting exceptions to boundaries data. AWorld Wide Web or Internet is 30. A report writer 34 is used totranslate accounting, performance attribution, risk, and exception datafrom text file or table format to HTML format. Also needed is a WorldWide Web application server 38 and World Wide Web security firewall 40.

FIG. 2 illustrates the establishment and revolving cycle of data flowused for initial data input and resulting data output.

FIG. 3 illustrates the process 50 flowchart for continuously processing,scanning, identifying, and counting exceptions to boundaries andcontinuously displaying the exceptions to the boundaries. Thisprocessing method is continuous and enabled by units 18.

Operation of my System—FIGS. 1A-1D, 3

Predetermined desired characteristics of portfolios and their respectivetarget ranges or boundaries, all based on portfolio guidelines, in theform of data for the investment securities, accounts, and portfolios areentered into the data boundaries process 50. These boundaries are basedon the objectives and goals of the investor. Specifically, they include,but are not limited, to

-   -   a) Short term gains and losses    -   b) Long term gains and losses    -   c) Limitation on any special groupings    -   d) Tracking error    -   e) Risk    -   f) Portfolio turnover    -   g) Investment philosophy of the investment manager or investor        if self directed (characteristics may include but not be limited        to market cap, growth and profitability measures, valuation        ratios, economic sector weightings, earnings and price        volatility statistics)    -   h) Decision making model of the investment manager or investor        if self directed (characteristics may include but not be limited        to market cap, growth and profitability measures, valuation        ratios, economic sector weightings, earnings and price        volatility statistics, dividend yield, projections, revenues,        roe, etc.)    -   i) Cash positions    -   j) Performance attribution    -   k) Changes in sources of return or loss    -   l) Number of exceptions allowed by desired characteristic and        overall    -   m) Tracking error v. comparable capital market styles and        sub-styles    -   n) Age of each issue entering the portfolio (new issue or        existing)    -   o) Number of positions    -   p) U.S. or applicable state tax regulations or both    -   q) Asset allocation    -   r) Portfolio return

Next, my system receives data inputs 14 from the investor's investmentmanagers, custodians of securities, transfer agents, and vendors ofdata, or any combination, via batch import process 52. These data inputsconsist of real time financial markets data security data, portfoliodata, trade data, position data, quantity data, account data, allvalidated and reconciled, upon confirmation, and are connected viainterface 16.

Next, the interface 16 provides automated data retrieval, validation,and correct and timely import format into the conventional portfolioaccounting process 42. The interface 16 consists of code logic, testlogic, inputs data repository, processing logic, and data destinationfields. The process 42 then processes data for additions and deletionsin an account or portfolio or both, and therefore calculates investmentperformance.

Multiple dedicated central processing units 18 with enough memory andprocessing capacity and capability to enable the continuous performanceof the process 42 are used. Conventional processes include a reportingprocess 44 which configures the data output for reporting purposes and aconventional performance attribution process 46 which calculates thesources of performance between asset allocation,

Operation of My System—Continued

security selection, market timing, and interaction among these. Further,a conventional risk analysis process 48 for calculating risk, and a“rules” or exceptions process 50 for continuous processing and scanningcharacteristics of the portfolio and counting and displaying exceptionsto predetermined data boundaries and counting and displaying exceptionsto exceptions of exceptions of boundaries as shown in FIG. 3.

The process 42 is performed first using the output from interface 16 anda pricing and data inputs 22. Next, the risk analysis process 48 isperformed using the output from the interface 16 and the process 42.Next, the process 46 is performed, using the output from the interface16, process 48, and process 42. Next, a collective data from all theseprocesses are received by the central processing units 18. Next, process50 is performed scanning the output from the interface 16, process 48,process 46, and process 42 to find and display exceptions to thepredetermined boundaries.

FIG. 3 process 50 with examples of portfolio characteristics:

First for performance v. the benchmark, conventional portfolioperformance is calculated and compared to benchmark performance anddisplayed and stored; the difference in this amount, known as thetracking error, is displayed and stored. Amount of portfolio performancethat is above or below benchmark performance=tracking error. If thiscomparison results in a tracking error outside the predetermined databoundaries, this is an exception and the process displays the result(the tracking error) and the result is stored.

Second for changes in sectors or any special groupings, each addition ordeletion or both to the portfolio is categorized by economic sector orspecial grouping(s), or both, and its market value obtained from a thirdparty data inputs and added to the existing values of issues in the samesector or special grouping(s) for a total value and displayed andstored. This total value is then compared to the value before theadditions or deletions or both. An exception is created if this value isnot within the predetermined boundaries. If the total value is anexception, the program displays the result and the result is stored.

Third for tax efficiency as the gain or loss is calculated anddetermined to be a short term or long-term gain or loss per U.S. orapplicable state tax regulations or both. Exceptions are created andreported and stored if the amount(s) previously described and calculatedupon each additions or deletions or both do not equal the amountprevious to the additions or deletions or both and outside thepredetermined boundaries, and if so, are reported and stored.

Fourth for top sources of return or loss given that after each additionor deletion or both, a performance attribution analyses is performedincluding but not limited to allocation, selection, interaction, andactive management for any special groupings or single issues or both.Each of these areas is displayed and stored for the top five sources ofreturn or losses for each (allocation, selection, etc.) and for theportfolio overall with respective data boundaries for each.

Fifth for changes in sources of return or loss given that after eachaddition or deletions or both, a performance attribution analyses isperformed including but not limited to allocation, selection,interaction, and active management for any special groupings or singleissues or both. Each of these areas is displayed and stored for the topfive sources of return or losses for each (allocation, selection, etc.).Next, the results in each desired characteristic are compared to thevalues, groupings, etc after the previous analyses. Exceptions arecreated and reported and stored if the amount(s) previously describedand calculated upon each additions or deletions or both do not equal theamount previous to the additions or deletions or both and outside thepredetermined boundaries, and if so, are reported and stored.

Sixth for Risk as it is conventionally calculated and compared to therisk prior to the additions or deletions or both and displayed andstored; the difference in this amount is displayed and stored. If theadditions or deletions or both in the portfolio results in an increaseor decrease in risk and outside the predetermined boundaries, theprogram displays the exception and reports it and is displayed andstored.

Seventh for changes in cash positions as cash amount is compared toamount previous to the additions or deletions or both and displayed andstored. If the additions or deletions or both in the portfolio resultsin an amount not equal to the predetermined

Operation of My System—Continued

amount and within the boundaries, the program displays the exception andreports it by amount and displayed and stored.

Eighth for investment philosophy and decision making model as eachcomponent of the investment philosophy or decision making model or bothis compared to the boundaries; if an exception is created if thecharacteristics of the existing securities, additions or deletions orboth are outside the predetermined boundaries, it is reported, displayedand stored.

Ninth for the number of exceptions created as the number of times anexception is created for each characteristic and the number ofconsecutive exceptions for each characteristic are counted and ifoutside predetermined boundaries, are displayed and stored.

Tenth for portfolio turnover as portfolio turnover annualized isconventionally calculated and compared to the amount of target turnoverannualized previous to the additions or deletions or both and displayedand stored. If the additions or deletions or both results in anannualized amount not equal to the portfolio target amount annualizedand outside the predetermined boundaries, an exception is displayed andstored.

Eleventh for number of positions as a count is made of the number ofpositions in the portfolio upon the additions or deletions or both andcompared to the predetermined boundaries of positions and displayed andstored. If the number of positions does not equal the number prior tothe additions or deletions or both and outside the predeterminedboundaries, the program displays the exception and reports it by amountand displayed and stored.

Twelfth for portfolio return in that performance annualized isconventionally calculated and compared to the target range return anddisplayed and stored. If the performance of the portfolio does not equalthe target performance, the program displays the exception and reportsit by amount and displayed and stored. This step also includes fullportfolio attribution including allocation, selection, interaction, andactive management.

Thirteenth for asset allocation given that after each addition ordeletion, or both, asset allocation is refigured by the third partysystem and reported and stored. This total value and value for eachasset class and style and substyle and cash is then compared to thevalue(s) before the additions or deletions or both. An exception iscreated if this value is not equal to the prior value before theadditions or deletions or both and outside the predetermined boundaries.If the total value is an exception, the program displays the result andthe result is stored.

Fourteenth for new issues given that after each addition or deletion, orboth, is identified as to whether or not it is a new or existing issue.If it is a new issue, the program signals this and stores the signal(results) and reports that a new issue has entered the portfolio. Thissignal is added to previous signals in order for a running count to bekept of the number of issues that entered the portfolio(s) when theywere new.

This output is received by and stored in the data warehouse 18. Data 26is the resulting exceptions data to boundaries data and a result ofprocess 50.

FIG. 3 process 50 refers to additions or subtractions, or both, in theportfolio and pricing data on financial markets and continuouslyidentifies exceptions to the previously determined boundaries of datacharacteristics (category). Further, it stores the results, displaysresults, counts the number of consecutive exceptions to each boundaryand stores the results; if the number of consecutive exceptions does notexceed the predetermined exceptions to exceptions threshold, then theprocess is repeated; if the number of consecutive exceptions does exceedthe predetermined exceptions to exceptions threshold, then the resultsare displayed by data characteristics or category; if the number ofconsecutive exceptions to predetermined exceptions to exceptionsboundaries exceeds the threshold count, the characteristics aredisplayed, the process then counts the number of characteristics outsidethe exceptions to exceptions and stores the results and displays thenumber of characteristics in which exceptions to exceptions have beenexceeded; the process is repeated unless financial markets close.

The report writer 34 is used to translate final accounting, performanceattribution, risk, and exception data from text file or table formatfrom the data disk 20 to HTML format. This HTML format data is thenprocessed by the World Wide Web

Operation of my System—Continued

service application 38 and available through the World Wide Web firewall40. The data can be obtained upon receiving a signal via the World WideWeb when an exception to predetermined boundaries occurs. The process,beginning with “The portfolio accounting process 42 is run first”, isreal time continuous.FIGS. 4-12

Additional Embodiments

Additional embodiments of my system are shown in FIGS. 4-12. In FIG. 4the system is designed for investment portfolios and is manual; in FIG.5 the system is designed for investment portfolios, is manual andincludes an interface; in FIG. 6, the system is designed for investmentportfolios, is manual and includes an interface and World Wide Web; inFIG. 7, system is designed for investment portfolios, is manual andincludes the World Wide Web; in FIG. 8 the system is real timecontinuous and can be applied to any data input; in FIG. 9 the system isreal time continuous and can be applied to any data input and includesan interface; in FIG. 10 the system is real time continuous and can beapplied to any data input and includes the World Wide Web; in FIG. 11the system is real time continuous and can be applied to any data inputand includes an interface and World Wide Web; and FIG. 12 the system isreal time continuous and can be applied to any data input and isdesigned for investment portfolios and includes an interface.

CONCLUSION, RAMIFICATIONS, AND SCOPE

Accordingly, the reader will see that my system provides for a highlyreliable, thorough and attentive system in determining and displayingwhen portfolios fall outside predetermined boundaries, thus enablinginvestors to know when they get off track in meeting investment goals,or when an investment manager deviates from the decision making model,or both.

Additionally, my system provides for input, output, and use ofinformation heretofore not continuously used in the process and allowsthe user to continuously assess trends in the impact of portfolioactivities or fluctuations in prices in world financial markets, orboth, on the investment portfolio. It also provides for immediateawareness of when and how to fine-tune the investment management processbefore it is too late to minimize losses.

Furthermore, my system has the additional advantages in that

a) it provides for more economical business operating models and

b) it provides for worldwide application, benefiting mankind and

c) it provides for significant timesavings and

d) it provides for a more convenient and easier way to monitor and scaninvestment portfolios and compatibility with existing data andanalytical process and tools and

e) it provides for acceleration of the portfolio rebalance orreallocation decision, or both and awareness of shortfall risk and

f) it provides for a consistent approach to investment managerevaluation and selection and replacement and

g) it provides for greater tax efficiency.

While my above description contains many specificities, these should notbe construed as limitations on the scope of the invention, but rather asan exemplification of one preferred embodiment thereof. Many othervariations are possible. For example, a system for portfolios, thesystem for portfolios and an interface, the system for portfolios and aninterface and World Wide Web for distributing results, the system forportfolios and World Wide Web for distributing results, system forcontinuous real time capability for portfolios, the system forcontinuous real time portfolios and an interface, the system forcontinuous real time portfolios and an interface and World Wide Web fordistribution of results, the system for continuous real time portfoliosand World Wide Web for distribution of results.

Accordingly, the scope of my system should be determined not by theembodiment(s) described, but by the appended claims and their legalequivalents.

SEQUENCE LISTING

Non-applicable

I claim:
 1. A system for real time continuous analysis of investmentportfolios, comprising: a real time input unit for receiving, in realtime, a plurality of data inputs from a plurality of information sourcesand data of one or more groups of investment portfolios, a batch inputunit for periodically receiving a plurality of data inputs from aplurality of information sources and data of one or more groups ofinvestment portfolios, wherein the one or more groups of investmentportfolios each include at least one portfolio of an investor, adatabase for storing the received data inputs, a processor forcontinuously analyzing a characteristic of an investment portfolio groupand comparing it to at least one characteristic guideline of anotherportfolio group and outputting an alert in response to a deviation froman investment decision making process when the plurality of data inputsand data are being received in real time, and for periodically analyzinga characteristic of an investment portfolio group and comparing it to atleast one characteristic guideline of another portfolio group andoutputting an alert in response to a deviation from an investmentdecision making process when the plurality of data inputs and data arenot being received in real time, the guidelines comprising user definedparameters unrelated to a performance benchmark.
 2. A system for realtime continuous analysis of investment portfolios, comprising: a realtime input unit for receiving, in real time, a plurality of data inputsfrom a plurality of information sources and data of one or more groupsof investment portfolios, a batch input unit for periodically receivinga plurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, wherein the one ormore groups of investment portfolios each include at least one portfolioof an investor, a database for storing the received data inputs, aprocessor for automatically analyzing, in real time, a characteristic ofan investment portfolio group and comparing it to at least onecharacteristic guideline of another portfolio group and outputting analert in response to a deviation from an investment decision makingprocess when the plurality of data inputs and data are being received inreal time, and for automatically periodically analyzing a characteristicof an investment portfolio group and comparing it to at least onecharacteristic guideline of another portfolio group and outputting analert in response to a deviation from an investment decision makingprocess when the plurality of data inputs and data are not beingreceived in real time, the guidelines comprising user defined parametersunrelated to a performance benchmark.
 3. A system for real timecontinuous analysis of investment portfolios, comprising: a real timeinput unit for receiving, in real time, a plurality of data inputs froma plurality of information sources and data of one or more groups ofinvestment portfolios, a batch input unit for periodically receiving aplurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, wherein the one ormore groups of investment portfolios each include at least one portfolioof an investor, a database for storing the received data inputs, aprocessor for continuously analyzing a characteristic of an investmentportfolio group and comparing a change thereto against portfolioguidelines to determine whether such change would cause a deviation froman investment decision making process when the plurality of data inputsand data are being received in real time, and for periodically analyzinga characteristic of an investment portfolio group and comparing a changethereto against portfolio guidelines to determine whether such changewould cause a deviation from an investment decision making process whenthe plurality of data inputs and data are not being received in realtime, the guidelines comprising user defined parameters unrelated to aperformance benchmark.
 4. A system for real time continuous analysis ofinvestment portfolios, comprising: a real time input unit forautomatically receiving in real time a plurality of data inputs from aplurality of information sources and data of one or more groups ofinvestment portfolios, wherein the one or more groups of investmentportfolios each include at least one portfolio of an investor, a batchinput unit for automatically periodically receiving a plurality of datainputs from a plurality of information sources and data of one or moregroups of investment portfolios, wherein the one or more groups ofinvestment portfolios each include at least one portfolio of aninvestor, a database for storing the received data inputs, a processorfor automatically analyzing in real time a characteristic of aninvestment portfolio group and comparing a change thereto againstportfolio guidelines to determine whether such change would cause adeviation from an investment decision making process when the pluralityof data inputs and data are being received in real time, and forautomatically periodically analyzing a characteristic of an investmentportfolio group and comparing a change thereto against portfolioguidelines to determine whether such change would cause a deviation froman investment decision making process when the plurality of data inputsand data are not being received in real time, the guidelines comprisinguser defined parameters unrelated to a performance benchmark.
 5. Asystem for real time continuous analysis of investment portfolios,comprising: a real time input unit for automatically receiving in realtime a plurality of data inputs from a plurality of information sourcesand data of one or more groups of investment portfolios, wherein the oneor more groups of investment portfolios each include at least oneportfolio of an investor, a batch input unit for automaticallyperiodically receiving a plurality of data inputs from a plurality ofinformation sources and data of one or more groups of investmentportfolios, wherein the one or more groups of investment portfolios eachinclude at least one portfolio of an investor, a database for storingthe received data inputs, a processor for automatically and continuouslyanalyzing a characteristic of an investment portfolio group andcomparing a change thereto against portfolio guidelines to determinewhether such change would cause a deviation from an investment decisionmaking process when the plurality of data inputs and data are beingreceived in real time, and for automatically periodically analyzing acharacteristic of an investment portfolio group and comparing a changethereto against portfolio guidelines to determine whether such changewould cause a deviation from an investment decision making process whenthe plurality of data inputs and data are not being received in realtime, the guidelines comprising user defined parameters unrelated to aperformance benchmark.
 6. A system for real time continuous analysis ofinvestment portfolios, comprising: a real time input unit for receiving,in real time, a plurality of data inputs from a plurality of informationsources and data of one or more groups of investment portfolios, a batchinput unit for periodically receiving a plurality of data inputs from aplurality of information sources and data of one or more groups ofinvestment portfolios, wherein the one or more groups of investmentportfolios each include at least one portfolio of an investor, adatabase for storing the received data inputs, a processor forcontinuously analyzing a characteristic of an investment portfolio groupand comparing a change thereto against portfolio guidelines to determinewhether such change will deviate from an investment decision makingprocess when the plurality of data inputs and data are being received inreal time, and for automatically periodically analyzing a characteristicof an investment portfolio group and comparing a change thereto againstportfolio guidelines to determine whether such change will cause adeviation from an investment decision making process when the pluralityof data inputs and data are not being received in real time, theguidelines comprising user defined parameters unrelated to a performancebenchmark.
 7. A system for real time continuous analysis of investmentportfolios, comprising: a real time input unit for receiving, in realtime, a plurality of data inputs from a plurality of information sourcesand data of one or more groups of investment portfolios, a batch inputunit for periodically receiving a plurality of data inputs from aplurality of information sources and data of one or more groups ofinvestment portfolios, wherein the one or more groups of investmentportfolios each include at least one portfolio of an investor, adatabase for storing the received data inputs, a processor forautomatically analyzing in real time a characteristic of an investmentportfolio group and comparing a change thereto against portfolioguidelines to determine whether such change will deviate from aninvestment decision making process when the plurality of data inputs anddata are being received in real time, and for automatically periodicallyanalyzing a characteristic of an investment portfolio group andcomparing a change thereto against portfolio guidelines to determinewhether such change will cause a deviation from an investment decisionmaking process when the plurality of data inputs and data are not beingreceived in real time, the guidelines comprising user defined parametersunrelated to a performance benchmark.
 8. A system for real timecontinuous analysis of investment portfolios, comprising: a real timeinput unit for receiving, in real time, a plurality of data inputs froma plurality of information sources and data of one or more groups ofinvestment portfolios, a batch input unit for periodically receiving aplurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, wherein the one ormore groups of investment portfolios each include at least one portfolioof an investor, a database for storing the received data inputs, aprocessor for automatically and continuously analyzing a characteristicof an investment portfolio group and comparing a change thereto againstportfolio guidelines to determine whether such change will deviate froman investment decision making process when the plurality of data inputsand data are being received in real time, and for automaticallyperiodically analyzing a characteristic of an investment portfolio groupand comparing a change thereto against portfolio guidelines to determinewhether such change will cause a deviation from an investment decisionmaking process when the plurality of data inputs and data are not beingreceived in real time, the guidelines comprising user defined parametersunrelated to a performance benchmark.
 9. A system for real timecontinuous analysis of investment portfolios, comprising: a real timeinput unit for receiving, in real time, a plurality of data inputs froma plurality of information sources and data of one or more groups ofinvestment portfolios, a batch input unit for periodically receiving aplurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, wherein the one ormore groups of investment portfolios each include at least one portfolioof an investor, a database for storing the received data inputs, aprocessor for continuously analyzing a characteristic of an investmentportfolio group and comparing a change thereto against portfolioguidelines to determine whether such change will deviate from theportfolio guidelines when the plurality of data inputs and data arebeing received in real time, and for periodically analyzing acharacteristic of an investment portfolio group and comparing a changethereto against portfolio guidelines to determine whether such changewill deviate from the portfolio guidelines when the plurality of datainputs and data are not being received in real time, the guidelinescomprising user defined parameters unrelated to a performance benchmark.10. A system for real time continuous analysis of investment portfolios,comprising: a real time input unit for receiving, in real time, aplurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, a batch input unitfor periodically receiving a plurality of data inputs from a pluralityof information sources and data of one or more groups of investmentportfolios, wherein the one or more groups of investment portfolios eachinclude at least one portfolio of an investor, a database for storingthe received data inputs, a processor for automatically analyzing inreal time a characteristic of an investment portfolio group andcomparing a change thereto against portfolio guidelines to determinewhether such change will deviate from the portfolio guidelines when theplurality of data inputs and data are being received in real time, andfor automatically periodically analyzing a characteristic of aninvestment portfolio group and comparing a change thereto againstportfolio guidelines to determine whether such change will deviate fromthe portfolio guidelines when the plurality of data inputs and data arenot being received in real time, the guidelines comprising user definedparameters unrelated to a performance benchmark.
 11. A system for realtime continuous analysis of investment portfolios, comprising: a realtime input unit for receiving, in real time, a plurality of data inputsfrom a plurality of information sources and data of one or more groupsof investment portfolios, a batch input unit for periodically receivinga plurality of data inputs from a plurality of information sources anddata of one or more groups of investment portfolios, wherein the one ormore groups of investment portfolios each include at least one portfolioof an investor, a database for storing the received data inputs, aprocessor for automatically and continuously analyzing a characteristicof an investment portfolio group and comparing a change thereto againstportfolio guidelines to determine whether such change will deviate fromthe portfolio guidelines when the plurality of data inputs and data arebeing received in real time, and for automatically periodicallyanalyzing a characteristic of an investment portfolio group andcomparing a change thereto against portfolio guidelines to determinewhether such change will deviate from the portfolio guidelines when theplurality of data inputs and data are not being received in real time,the guidelines comprising user defined parameters unrelated to aperformance benchmark.